Published on 2/8/2023 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $500,000 28% contingent income autos on three stocks
By Kiku Steinfeld
Chicago, Feb. 8 – Morgan Stanley Finance LLC priced $500,000 of contingent income autocallable securities due Nov. 14, 2024 linked to the common stocks of Apple Inc., Microsoft Corp. and Tesla, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 28%, paid monthly, if each underlying stock closes at or above its 70% downside threshold on the related monthly observation date, plus any previously unpaid coupons.
The securities will be called automatically starting May 2023 at par if the price of each underlying stock is greater than or equal to its initial price on any monthly call determination date.
At maturity the payout will be par unless the worst performing stock closes below its 70% downside threshold level in which case investors will be fully exposed to the decline of the worst performing stock.
The notes are guaranteed by Morgan Stanley.
Morgan Stanley & Co. LLC is the agent.
Issuer: | Morgan Stanley Finance LLC
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Guarantor: | Morgan Stanley
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Issue: | Contingent income autocallable securities
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Underlying stocks: | Apple Inc., Microsoft Corp. and Tesla, Inc.
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Amount: | $500,000
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Maturity: | Nov. 14, 2024
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Coupon: | 28%, paid monthly, if each underlying stock closes at or above its 70% downside threshold on the related monthly observation date, plus any previously unpaid coupons
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Price: | Par
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Payout at maturity: | Par unless the worst performing stock closes below its downside threshold level in which case investors will be fully exposed to the decline in the worst performing stock
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Call: | Automatically starting May 2023 at par if the price of each underlying stock is greater than or equal to its initial price on any monthly call determination date
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Initial levels: | $139.50 for Apple, $228.87 for Microsoft, $191.30 for Tesla
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Downside thresholds: | $97.65 for Apple, $160.209 for Microsoft, $133.91 for Tesla, 70% of initial level
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Pricing date: | Nov. 8, 2022
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Settlement date: | Nov. 14, 2022
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Agent: | Morgan Stanley & Co. LLC
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Fees: | 0.75%
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Cusip: | 61774HQ68
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